Will the bank pay for a home appraisal when I apply for a home equity loan?

Question

How much do they usually cost?

Answer 1

You pay for the appraisal,one way or another. They may ask you for the fee up front or take it out in closing. Most take it up front in case you don't qualify or for some reason it never closes. The average is about $300.00 for a full appraisal. Now here is what is really important, not every appraiser is allowed to do appraisals for all banks. Banks have their own criteria for the appraisers they use. This is to keep someone from walking into a bank or mortgage lender with an over inflated appraisal. Most lenders don't make anything off the appraisal. If you would hire an appraiser on your own, make sure he or she is approved by the lender and the appraisal will have to be made out to them.

Answer 2

Home appraisals can run you(depending on where you live)anywhere from $250 - $400 if you get your own appraiser. If the bank uses their appraiser, that will cost you a lot more, plus you don't have control over any of the information so may not know the facts until closer to closing.

Answer 3

It depends on your bank. Some require it and others do not. If they do you can choose your own appraiser or go with theirs. An individual appraiser is typically much cheaper than the bank appraiser, however many banks will charge an extra fee to recoup their cost - so you are usually better off going with theirs. With equity loans, many banks just use the county tax appraisal.

Answer 4

Typically, you pay for it. It's true that you'll pay for it either way, it will be renamed some sort of fee if it isn't straight up labeled as an appraisal fee. In my area, appraisals run $400 - $500.

Answer 5

You'll pay for it one way or another. If the bank pays it, you can count on it being rolled into the cost of the loan.